Tax Saving Investment 31 March 2025: The month of March is like a deadline for many tasks. Taxpayers have to invest by 31 March 2025 to save their tax. Apart from this, there are many tasks that are to settle taxpayers and employed people. To get insurance benefits, EPF members will have to activate UAN by 15 March 2025. The rules for nominee forming in mutual funds and demat accounts have come into force.
1. Last date for tax saving investment – 31 March, 2025
Taxpayers have the last chance to save tax till 31 March 2025. Those who are following the old tax system can avail certain cuttings.
Section 80C: An up to Rs 1.5 lakh can be availed by investing in PPF, ELSS, NSC and life insurance premiums.
Section 80D: Tax exemption on health insurance premium can be availed.
Section 24 (B): The deduction on the interest given on home loans can be availed.
Section 80 CCD (1B): Additional exemption of up to Rs 50,000 can be availed by investing in the National Pension System (NPS).
If taxpayers do not invest before this deadline, they may have to pay more taxes.
2. UAN Activation for EPFO members – Last date 15 March 2025
It is mandatory to activate their universal account number (UAN) by 15 March 2025 to employees under the Employees Provident Fund Organization (EPFO). In the event of UAN is not activated, employees will not get the insurance benefit of Employees Deposit Linked Insurance (EDLI) scheme. The scheme provides an insurance cover of up to Rs 7 lakh to EPF members. If an employee does not activate his UAN, he will not get the benefit of this scheme.
3. New Nomination Rules for Mutual Funds and Demat accounts – will be applicable from March 1, 2025
SEBI has issued new rules regarding nomination in mutual funds and demat accounts. According to these rules, investors can nominate a maximum of 10 people. Nomination has been made mandatory for a single-holder account, so that there is no problem of uncured assets. For nominee, it will be necessary to give PAN, Aadhaar’s last four digits or driving license number. If the nominee is a minor, then investors will have to give the contact of the nominee, information and date of birth. If an account holder dies in the case of joint account, the property will automatically be transferred to another living account holder.
4. Changes in UPI rules for insurance premium payment – applicable from 1 March 2025
The rules of insurance premium payment are changing through UPI. From 1 March 2025, the insurance premium can be paid under the insurance-ASBA service.
Who will benefit from this?
After paying for the insurance policy, the amount will be blocked until the policy is accepted by the insurance company. If the insurance motion is rejected, the blocked amount may automatically be unblock.
